Seven Seventeen Credit Union Mortgage Rates, Fees & Info

Warren, OH

LEI: 549300567BJCXPG9IV35

Tax ID: 34-0825325

4.9 stars - out of 5 stars, based on 49 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Seven Seventeen Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Seven Seventeen Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Youngstown, Akron, Canton, Cleveland, and Salem among others. Seven Seventeen Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Seven Seventeen Credit Union is typically a low fee lendor.


Originations

2,384

Origination Dollar Volume (All Markets)

$225,530,000
Show all (6) awards

Relative Rate

Seven Seventeen Credit Union's average 30 year fixed rate mortgage of loans were 3.75%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.6%.

Relative Fees

Seven Seventeen Credit Union's average total fees for a 30 year fixed rate mortgage are $3,076.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 1,785 $154,345,000 $86,468 $2,588 3.61%
AKRON, OH (FHA|USDA|VA) 330 $30,680,000 $92,970 $2,795 3.80%
CANTON-MASSILLON, OH (FHA|USDA|VA) 92 $8,480,000 $92,174 $2,963 3.61%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 42 $8,120,000 $193,333 $3,462 3.71%
Salem, OH (FHA|USDA|VA) 71 $8,035,000 $113,169 $3,118 3.59%
Indiana, PA (FHA|USDA|VA) 1 $4,495,000 $4,495,000 $0 3.85%
Ashtabula, OH (FHA|USDA|VA) 24 $3,720,000 $155,000 $3,278 3.22%
ALTOONA, PA (FHA|USDA|VA) 1 $2,605,000 $2,605,000 $0 3.85%
COLUMBUS, OH (FHA|USDA|VA) 9 $1,795,000 $199,444 $3,278 3.57%
TOLEDO, OH (FHA|USDA|VA) 5 $1,245,000 $249,000 $3,092 2.53%
New Castle, PA (FHA|USDA|VA) 5 $475,000 $95,000 $2,958 3.22%
PITTSBURGH, PA (FHA|USDA|VA) 2 $380,000 $190,000 $3,064 2.25%
New Philadelphia-Dover, OH (FHA|USDA|VA) 3 $245,000 $81,667 $2,128 4.04%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $225,000 $225,000 $3,098 2.75%
Zanesville, OH (FHA|USDA|VA) 1 $135,000 $135,000 $3,029 2.25%
MANSFIELD, OH (FHA|USDA|VA) 1 $115,000 $115,000 $2,934 2.88%
Marion, OH (FHA|USDA|VA) 2 $70,000 $35,000 $0 3.54%
ERIE, PA (FHA|USDA|VA) 1 $65,000 $65,000 $3,044 2.75%
DuBois, PA (FHA|USDA|VA) 1 $65,000 $65,000 $2,974 4.00%
Defiance, OH (FHA|USDA|VA) 2 $60,000 $30,000 $0 3.57%
DAYTON-KETTERING, OH (FHA|USDA|VA) 1 $45,000 $45,000 $0 3.38%
Wooster, OH (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.09%
WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.09%
Outside of Metro Areas 1 $25,000 $25,000 $0 7.39%
Norwalk, OH (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.99%

Seven Seventeen Credit Union's top markets include Youngstown, Akron, Canton, Cleveland, and Salem among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,362 $222,060,000 $94,014 $2,650 3.63%
VA 20 $3,260,000 $163,000 $4,575 3.28%
USDA 2 $210,000 $105,000 $4,157 3.19%

For the 2021 period, Seven Seventeen Credit Union's most frequently originated loan type of loans were Conventional, with 2,362 originations. Their 2nd most popular type is VA, with 20 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 1,029 $92,895,000 $90,277 $2,248 3.59%
Home Purchase 421 $66,495,000 $157,945 $3,171 3.10%
Home Improvement 323 $12,345,000 $38,220 $377 4.27%
Other 320 $13,770,000 $43,031 $465 4.31%
Cash Out Refi 291 $40,025,000 $137,543 $2,915 3.10%

For the 2021, Seven Seventeen Credit Union's most frequently cited loan purpose of loans were Refi, with 1,029 originations. The 2nd most popular reason of loans were Home Purchase, with 421 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,769 $148,855,000 $84,146 $3,076 3.75%
15 Year 371 $42,815,000 $115,404 $2,364 2.84%
Other 89 $3,665,000 $41,180 $322 4.34%
10 Year 77 $13,475,000 $175,000 $1,248 4.15%
20 Year 69 $9,485,000 $137,464 $2,323 3.29%
5 Year 9 $7,235,000 $803,889 $354 5.33%

For the 2021, Seven Seventeen Credit Union's most frequently cited loan length of loans were 30 Year, with 1,769 originations. The 2nd most popular length of loans were 15 Year, with 371 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 784 $108,850,000 $138,839
$<1k 272 $28,780,000 $105,809
$2k-3k 55 $9,785,000 $177,909
$3k-4k 25 $5,225,000 $209,000
$5k+ 3 $705,000 $235,000

$3,076 of loans were Seven Seventeen Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 784 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 1,255 $105,495,000 $84,060
2.5-3% 466 $67,990,000 $145,901
<2.5% 242 $30,280,000 $125,124
4-5% 154 $11,920,000 $77,403
5-6% 132 $5,460,000 $41,364
7-8% 59 $1,945,000 $32,966
6-7% 47 $1,425,000 $30,319
Over 8% 26 $770,000 $29,615

During 2021, Seven Seventeen Credit Union's average interest rate of loans were 3.75%, while their most frequently originated rate bucket of loans were 3-4%, with 1,255 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 1,607 $75,825,000 $47,184 $2,066 3.93%
$100k-200k 573 $79,855,000 $139,363 $2,859 3.00%
$200k-400k 181 $46,505,000 $256,934 $3,536 3.01%
$400k-600k 17 $7,775,000 $457,353 $4,286 2.99%
$1MM+ 6 $15,570,000 $2,595,000 $0 3.93%

2021 saw Seven Seventeen Credit Union place emphasis on $100,000 or less loans with 1,607 originations, totaling $75,825,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 726 $59,140,000 $81,460 $2,676 3.61%
$50k or less 602 $38,040,000 $63,189 $2,508 3.67%
$75k-100k 436 $40,260,000 $92,339 $2,681 3.63%
$100k-150k 397 $38,645,000 $97,343 $2,717 3.65%
$150k-250k 165 $24,725,000 $149,848 $3,159 3.49%
$250k+ 31 $7,125,000 $229,839 $3,709 3.29%

Seven Seventeen Credit Union lent most frequently to those with incomes in the $50k-75k range, with 726 originations. The second most popular income band? $50k or less, with 602 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 620 $49,530,000 $79,887 $2,624 3.57%
30-36% 464 $41,680,000 $89,828 $2,695 3.67%
<20% 314 $24,350,000 $77,548 $2,519 3.34%
40% 90 $9,870,000 $109,667 $2,804 3.67%
38% 90 $9,530,000 $105,889 $2,825 3.67%
44% 87 $9,945,000 $114,310 $2,931 3.85%
36% 80 $7,000,000 $87,500 $2,623 3.72%
37% 78 $7,130,000 $91,410 $2,734 3.60%
42% 69 $6,685,000 $96,884 $3,278 3.55%
41% 65 $6,705,000 $103,154 $2,657 3.69%
45% 62 $6,220,000 $100,323 $2,818 3.76%
43% 61 $5,425,000 $88,934 $2,613 3.58%
39% 60 $5,080,000 $84,667 $2,549 3.92%
47% 53 $4,215,000 $79,528 $2,651 3.68%
48% 42 $4,050,000 $96,429 $2,571 3.58%
49% 41 $4,635,000 $113,049 $2,964 3.35%
46% 38 $2,690,000 $70,789 $2,406 4.20%
50-60% 31 $2,345,000 $75,645 $2,734 4.41%
>60% 3 $115,000 $38,333 $0 3.37%

Seven Seventeen Credit Union lent most frequently to those with DTI ratios of 20-30%, with 620 originations. The next most common DTI ratio? 30-36%, with 464 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 2,112 $183,530,000 $86,899 $2,682 3.63%
Not provided 173 $19,605,000 $113,324 $2,761 3.32%
Not applicable 25 $17,285,000 $691,400 $280 4.34%
Black 62 $3,960,000 $63,871 $2,423 4.14%
Asian 7 $765,000 $109,286 $3,096 3.11%
American Indian 4 $240,000 $60,000 $0 4.42%
Other Pacific Islander 1 $145,000 $145,000 $3,230 3.38%

Approval Rates

Total approvals of all applications
82.02%

Seven Seventeen Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
82.03%

Seven Seventeen Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,384 $225,530,000 $94,602

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,384 $225,530,000 $94,602

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 524 $24,440,000 $46,641 $1,458 4.12%
40-60% 386 $32,430,000 $84,016 $2,407 3.27%
60-80% 619 $88,505,000 $142,981 $2,725 3.18%
80-100% 445 $67,635,000 $151,989 $3,047 3.22%
Over 100% 6 $1,200,000 $200,000 $5,903 3.25%
Under 20% 403 $11,295,000 $28,027 $273 4.47%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
SFMC L.P. Conventional home mortgage Struggling to pay mortgage 2 50.0%
SFMC L.P. FHA mortgage Trouble during payment process 2 50.0%